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Vancouver, British Columbia – (February 23, 2018) – Bankers Cobalt Corp. (TSX Venture: BANC) (the “Corporation” or “Bankers”) responded to recent events and news regarding mining and the demand by end-users for certified cobalt supplies in the Democratic Republic of Congo (DRC).
There has been significant press coverage and commentary speculating end-users such as Apple intend to directly source cobalt from miners in the DRC as this country produces 60% of the world supply of cobalt. End-users are insisting on certified supplies and this is an issue for DRC processors currently deriving a portion of their ore from uncertified small-scale miners. Bankers offers a solution to DRC-based processors. The Bankers business model is to focus on the acquisition and development of high potential cobalt and copper exploration targets in the DRC CopperBelt and explore the acquired land package in accordance with Canadian exploration standards. Concessions having resources will be made available to be acquired on a transparent and certifiable basis by existing DRC processors to meet the demand of end-users for certified cobalt and copper ore. Bankers has the land package, an experienced board and an operating team concurrently exploring seven of its 26 concessions.
There has also been a reaction to approved, but not yet signed into law, DRC mining taxation changes and to statements made by the DRC government-owned mining company, Gecamines, regarding amendments to property and operating agreements. The proposed taxation changes have no immediate or direct impact on Bankers and Bankers has no agreements with Gecamines. Bankers’ 26-concession 391 km² land package is owned 100% by Bankers or under agreement with reputable private DRC corporations with a majority of the concessions being new licenses. The statement by Gecamines is considered positive by Bankers as it may serve to further restrict the already tight supply of quality cobalt and copper exploration properties in the DRC Copperbelt.
Kevin Torudag, President of Bankers’ DRC subsidiary states, “Bankers controls a superior DRC exploration land portfolio, has an experienced board, and a first-class operating team fully functioning in the DRC. We are firmly established in the DRC where the needs of end-users will drive the demand for certified cobalt and copper resources. Bankers is the front runner among the juniors and is well positioned to benefit from the expected increased demand for certified cobalt and copper.”
Bankers is a natural resource company focused on the acquisition, exploration and development of cobalt and copper mineral properties in the DRC to world-class Canadian standards. Bankers efforts will address the supply chain custody and verifiable sources of ore issue being imposed on processors in the DRC by consumers. Bankers holds rights to 26 separate mineral concessions strategically located in the southern DRC Copperbelt and having a total area of more than 391 km². Bankers has the intention to acquire interests in additional concessions. All concessions were obtained as either new grants or through reputable DRC partners and have clean title with no government involvement, making Bankers one of the few, and perhaps only, junior public mining company in the DRC to have 26 concessions capable of being currently explored and developed. Bankers has an experienced operations team operating in the southern Cobalt-Copperbelt of the DRC. Bankers believes it is the front runner in advancing cobalt and copper exploration by a junior mining company in the DRC.
ON BEHALF OF THE BOARD OF BANKERS COBALT CORP.
President & CEO.
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This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the proposal to complete the Transaction and associated transactions, including statements regarding the terms and conditions of the Transaction, the proposed closing the Transaction, and the outlook of the business of Katanga, including whether Katanga will be successful in developing and selling mineral resources. Although the Corporation believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Corporation can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the parties will not proceed with the Transaction and associated transactions, that the ultimate terms of the Transaction and associated transactions will differ from those that currently are contemplated, and that the Transaction and associated transactions will not be successfully completed for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities). The terms and conditions of the Transaction may change based on the Corporation’s due diligence and the receipt of tax, corporate and securities law advice for both the Corporation and Katanga. The statements in this press release are made as of the date of this release. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Corporation, Katanga, their securities, or their respective financial or operating results (as applicable).